Standard Bank and Capitec VAT hikes – here’s what you will pay from April

Standard Bank and Capitec have confirmed that they will be hiking banking fees in line with the new VAT increase to 15%.

The changes will take effect from 1 April 2018.

Standard Bank has published an updated fee schedule on its website, while Capitec too has publish a flier notifying customers of the changes.

Below are the changes to Standard Bank’s fees for its mid-market Elite Banking account, and Capitec’s Global One account, for a selection of common transactions.

In line with the VAT hike, most prices have increased by approximately 1%.

Standard Bank Elite Account 2018 Fees (old) R500 transaction (old) 2018 Fees (with 15% VAT) R500 transaction (new) % Change
Withdrawal (Native) R1.80 per R100 R9.00 R1.82 per R100 R9.10 1.1%
Withdrawal (Other) R8.00 + R1.80 per R100 R17.00 R8.07 + R1.82 per R100  R17.17 1.0%
Withdrawal (POS) R1.80 R1.80 R1.82 R1.82 1.1%
Deposit (ATM) R1.80 per R100 R9.00 R1.82 per R100 R9.10 1.1%
Debit order (internal) R4.50 R4.54 0.9%
Debit order (external) R16.50 R16.64 0.8%
Account fee (PAYT) R60.00 R60.53 0.9%
Capitec Global One 2018/19 Fees (old) R500 transaction (old) 2018/19 Fees (with 15% VAT) R500 transaction (new) % Change
Withdrawal (Native) R6.50 R6.50 R6.56 R6.56 0.9%
Withdrawal (Other) R8.75 R8.75 R8.83 R8.83 0.0%
Withdrawal (POS) R1.60 R1.60 R1.61 R1.61 0.6%
Deposit (ATM) 95c /R100 R4.75 96c per R100 R4.80 1.0%
Account fee (PAYT) R5.75 R5.80 0.9%

Absa, Nedbank and FNB have not yet published updated fee booklets.


Read: South Africa’s economy needs to return to mid-2000s performance

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Standard Bank and Capitec VAT hikes – here’s what you will pay from April